DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)

OMAHA (DTN) -- After the Sunday evening open, row crops are higher as the 7-day forecast only expects light rain amounts for the central and eastern Midwest. December corn is up 3 1/2 cents and November soybeans are up 3 cents. Scattered showers fell over the weekend, mostly from Nebraska to Texas, while much of the Midwest remains dry. July KC wheat is up 4 3/4 cents and July Minneapolis wheat is up 2 1/4 cents. July crude oil is up $1.50 after several media sources reported OPEC agreed to cut oil production by 1 million barrels per day, starting in July. The move will keep world oil supplies tight in relation to demand -- possibly too tight. Dow Jones futures are up 6 points. The U.S. Dollar Index is up 0.15 and August gold is down $4.50. As expected, President Joe Biden signed the debt ceiling bill into law over the weekend.